What is product failure, anyway? Not all failures are catastrophic where the product is pulled from the market and the company goes out of business. Most are partial or soft failures. By Rick Bess.
A key component on why products fail is that management does not specifically define objectives and quantify what success looks like. If you do not define success, you are less likely to achieve it and you may not even be aware of how the product is failing.
The article then covers the following:
- Strategic objectives to consider
- Product doesn’t solve the right problems
- Picked the wrong market
- Product is too expensive or provides poor value to customer
- Product is not good enough/poor execution
- Delayed market entry
- Poor marketing plan
How do Product Managers and Product Marketing Managers avoid product failure? Start with the end in mind. Define what success looks like and get the organization behind those goals. Good read!
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